ICL (TASE: ICL: NYSE: ICL) (previously Israel Chemical substances) documented in its second quarter 2022 fiscal statement that it has agreed to pay out royalties of $188 million (NIS 640 million) for extra revenue created from Israel’s normal means among 2016 and 2020.

ICL explained it has arrived at an being familiar with with the Israeli Tax Authority and settled the dispute relating to the Israeli Regulation for Taxation of Revenue from Organic Means. The settlement offers ultimate assessments for the tax yrs 2016 to 2020, as nicely as outlines understandings for the calculation of the levy for the many years from 2021 and onwards. Market place sources estimate that by the end of 2022, ICL would have compensated NIS 2 billion into Israel’s sovereign prosperity fund.




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ICL claimed, “The business welcomes the end of the dispute, which was arrived at after the summary of the talks, and prevented legal proceedings about lots of many years and gives organization certainty for the coming several years.”

The dispute commenced in 2018. Though the condition envisioned royalties of about NIS 400 million on a yearly basis for surplus gains on potash and other natural methods, ICL insisted that it experienced no tax liability owing to an appraisers’ opinion indicating that its mounted procurements amounted to $6 billion – a figure much bigger than authorities assessments.

The new tax on the excess income was introduced subsequent the Sheshinski 2 Committee in 2014. A great deal of the funds due to be compensated into the sovereign wealth fund will appear from Israel’s offshore purely natural fuel manufacturing. Soon after four yrs of sluggish gas manufacturing in which the get started of operations of the fund was delayed, the sovereign prosperity fund was last but not least opened in May, with accrued payments of NIS 1.14 billion.

Printed by Globes, Israel enterprise information – en.globes.co.il – on July 27 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.


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